Oil prices down to 3-1/2 year low

NEW YORK, Dec. 2 (Chinese media) -- Crude oil settled below 47 U.S. dollars a barrel Tuesday as the concerns about the weakening economy and slumping demand continued to weigh on the market.

Light, sweet crude for January delivery fell 2.32 dollars to settle at 46.96 dollars a barrel on the New York Mercantile Exchange. It is the lowest level since May 20, 2007, and is more than 100 dollars down from oil's record high of 147.27 dollars a barrel reached in mid-July.

Investors are concerned that the U.S. consumers and businesses would further cut back on energy consumption after the U.S. National Bureau of Economic Research announced Monday the world's largest oil consumer officially entered a recession in December 2007.

Moreover, high unemployment rate and floundering auto industry have also exacerbated the worries about U.S. economy.

Investors have also been waiting to see what decision the OPEC will make when the cartel meets on December 17 to discuss the crude prices.

In London, Brent crude fell 2.27 dollars to 45.70 dollars a barrel on the ICE Futures Exchange.